The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-23
COIPONs.
The Virginia State Debt.
To The People Qt Virginia :

To The People " logiHid:
At a meeting of Virginia Bondholders, con
ycuci by the Council Of Foreign BOndhOlders,
and held ON Friday. the 24th OF september
los6. at the Cannon street Hotel LONDON
the following resolutions were passed unanl-
m0usiy
"That this meeting deplores the long contest
into which the b0ndhOdcrs have been forced
for the maintenance of their rights, anu Whlie
asserting Its steadfast determination not 70 ac-
cept the Nddlchcrgcr settlement. Wmch' IN
view OF the admitted ability of Virginia TO set
te with her creditors. and the sacrlllces lhey
have already made on her behalf, II cOnslders
dishonest and unjust, hereby expresses us
willingness % meet the state and entertain
reasonable compromise based upon the pres
emf taxation and the available revenue dlter
providing for the constitutional appropriation
Tor government schools, and other puDhc OK
pcudlture.N
The State had the benefit Of the whole of the
money She originally borrowed (S4MODO). IL
a1 the foundation of her roads. railways ana
canals, and has brought millions OF dollars
INTO the country. Had you not constructed
these public works with the DOndhOiCeIs
money you would have 10 be taxed now Tor
hem
SO state which borrowed money ever en-
luyed the benefit of its loans more than II
gna bias done. See Senate Document AAlN
Session. ls1-r1S1
The present unsettled condition of the debt
' keeping capital and immigration out OF VII
tha, and as long as matters 50 continue you
VII. never develop the splendid resources OF
u s>iden the way they deserve.
Inc revenue of Virginia rs increasing. Inc
a,l assessment shows an increase OF Soo,WO-
wv lu taxable values. Your present revenue
might Doe largely increased II the taxes were
more carefully COLLECTED ana the present as
@ssmcnts on property cgualzed throughout
The State
What might have been difficult to do few
years ago is easy now, and each year the bur-
hon HNaaaf "a lHHHa
uon is settled capital and enterprise, Whlch
now holds alOOf, will flow into the state.
The settlement offered by the bondholders
propose, that the bonds now IN existence pear
IuR TAX receivable coupons shOuld De depOsiJcu
lu some trust company; that new bonds shOuld
he issued in their place, bearing 40 tax recelV
dllc coupons. and at "a low rate OF interest
W hcn the state pays "a half years interest on
lAe new bonds, the taX-recelvable coupons LOT
thdt half year shall be cut of the ola bonds Dy
The trust company cancelled, and delivered 10
lhc state ANY increase on the present reNe-
nue. viii be- appropriated 10y the state ana
lue bOndhOlders will not have any clam on H.
There was Il cash balance last july IN thc
treasury Of Sl3, 900, and the average purchase
vi hddlebcrger 3s by the state mas Deen at
lhe rate Of $4,000 per annum IN cash. Inc
STATE has some millions OF dollars OF assets
"Mch would help her in arranging scltle-
meut
The bOndhOlders are as deeply interested as
you are in maintaining the credit and prosper
ny OF your State. They ask for fair hearing
ana discussion Of the question by business
men, and not by politicians, whose interest II
IN 10 prevent an understanding being arrived
al ana an honorable compromise made.
The best way of bringing about this settle
ment is for taxpayers TO tender coupons III
payment OF their taxes. In view OF the con
eilatOry spirit and liberal offer made by the
creditors ! venture respectfully 20 submit 10
iOu That II is your moral duty, as well as your
!egal right and privilege, 10 tender coupons FOR
taIes now due. JAMES u. COOPER.
nOU